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Stock Market & Financial Investment News

News Breaks
April 14, 2014
12:26 EDTEW, ENH, TWTR, NQ, WBMD, AHL, C, MDT, GDP, FBOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after a bigger than expected increase in retail sales, along with better than expected headline profits at Citigroup (C), lent some confidence to buyers at the start of a holiday-shortened week of trading. The retail data, which showed sales notched their largest gain in 1.5 years in March, added to a recent string of better than expected domestic economic reports. However, today's data was followed by an upward move in the major averages, which had not been the case in some recent trading sessions. ECONOMIC EVENTS: In the U.S., retail sales climbed 1.1% in March, beating expectations for an increase of 0.8%. Retail sales excluding autos rose 0.7%, which also beat estimates. Business inventories grew 0.4% in February, versus the consensus forecast for a 0.5% gain. In Europe, the EU's statistics agency said industrial production across the 18 countries that share the euro rose by 0.2% in February from the prior month and by 1.7% from the same month of the prior year. COMPANY NEWS: Shares of Citigroup advanced more than 4% after the company's first quarter earnings, excluding one-time items and accounting adjustments, of $1.30 per share easily beat the consensus $1.14 per share forecast. CEO Michael Corbat said the company delivered strong results despite a quarter "that was difficult," noting that the bank reduced its deferred tax assets more than any other quarter since the crisis and drove Citi Holdings closer to break even. Prior to today's good news, the bank had been in focus for a number of negative headlines during the quarter, including its disclosure of fraud in its Mexican unit and the Federal Reserve objecting to its capital return plans... Twitter (TWTR) shares rose over 3% after the company disclosed that its co-founders, Jack Dorsey and Evan Williams, and its CEO, Richard Costolo, have informed the company that they have no current plans to sell any of their shares as a lockup of the stock approaches on May 5. Social network peer Facebook (FB) also gained more than 1.5% after news reports from Europe said the company is close to obtaining Irish regulatory approval to provide financial services such as electronic payments and exchanges with other members... Aspen Insurance (AHL) remained up 10% near noon despite the company rejecting the takeover offer that its peer in the insurance and reinsurance industry, Endurance Specialty (ENH), made public. Aspen said the "ill-conceived" $47.50 per share buyout offer made by Endurance represents a "strategic mismatch" and carries "significant execution risk." MAJOR MOVERS: Among the notable gainers was Goodrich Petroleum (GDP), which jumped 37% after the company reported strong results for a well it drilled in Louisiana. Also higher was WebMD (WBMD), which advanced 18% after advising it now expects its Q1 revenue to be at the high end of the range the company previously provided and for its adjusted EBITDA to beat the high end of its prior guidance. Among the noteworthy losers was Medtronic (MDT), which dropped 2% after its competitor, Edwards Lifesciences (EW), was granted a preliminary injunction limiting the sale of Medtronic's CoreValve system in the U.S. due to patent infringement. Edwards, which was upgraded at JPMorgan and CRT Capital following the court victory, gained 12%. Also lower again were shares of NQ Mobile (NQ), which slid another 5.8% as its post-earnings weakness continues. Short selling research firm Muddy Waters, which has previously alleged NQ to be a fraud, said the recently reported results indicate that the company's auditor has stepped up its scrutiny of the Chinese company. INDEXES: Near midday, the Dow was up 131.17, or 0.82%, to 16,157.92, the Nasdaq was up 40.19, or 1.0%, to 4,039.93, and the S&P 500 was up 15.84, or 0.87%, to 1,831.53.
News For C;TWTR;FB;AHL;ENH;GDP;WBMD;EW;MDT;NQ From The Last 14 Days
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March 16, 2015
16:00 EDTFB, C, TWTROptions Update; March 16, 2015
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14:09 EDTCCiti reports February credit loss 2.55% vs. 2.30% last month
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13:56 EDTTWTRChances of Twitter launching fee-based service increasing, analyst says
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13:16 EDTMDT, EWAnalysts upbeat on results of Edwards' Sapien 3 data
The shares of Edwards Lifesciences (EW) are rising after the company released data on its Sapien 3 transcathter aortic valve over the weekend. In notes to investors today, a number of analysts were upbeat on the data. BACKGROUND: Edwards yesterday announced that high- and intermediate-risk patients treated with Sapien 3 demonstrated lower mortality rates than patients treated with previous transcathter aortic valves, or TAVR, made by the company. The patients also had excellent clinical outcomes in the other primary endpoints of stroke and paravalvular regurgitation, the company stated. Meanwhile, a five year study of patients treated with the first generation SAPIEN device showed that the patients had equivalent outcomes to traditional open-heart surgery, and no structural valve deterioration requiring intervention, the company stated. ANALYST REACTION: Edwards' Sapien 3 data was impressive, as the device showed one of the lowest stroke and mortality rates of any major TAVR study so far, Bernstein analyst Derrick Sung wrote in a note to investors earlier today. Data presented by Edwards and other companies at the American College of Cardiology, or ACC, conference this weekend caused investors and the medical community to become more optimistic about the potential for TAVR devices to replace surgical valves, Sung stated. The analyst wrote that he continues to believe that investors are underestimating the potential size of the TAVR market. Also upbeat on Edwards' data was Wells Fargo, which wrote that the data exceeded high expectations and could pressure the FDA to approve Sapien 3 for intermediate risk patients earlier than Edwards' guidance of late 2016. WHAT'S NOTABLE: Analysts were also upbeat on data reported by other companies at the ACC conference. Medtronic's (MDT) data suggested that its CoreValve Evolut-R product may be as effective as Edwards' Sapien 3, Bernstein's Sung stated. The FDA appears to have allowed Boston Scientific's (BSX) left atrial appendage closure, Watchman, to be provided to more patients than expected, research firm Stifel believes. Meanwhile, St. Jude's (STJ) CardioMEMS device yielded "impressive" mortality data, the firm added. Stifel kept Buy ratings on both Medtronic and St. Jude. PRICE ACTION: In early afternoon trading, Edwards Lifesciences climbed 9% to $147.64, Boston Scientific advanced 4% to $17.27, St. Jude added 2% to $67.55, and Medtronic rose 1.3% to $77.50.
12:43 EDTEWOn The Fly: Midday Wrap
Stocks on Wall Street were higher at midday after stimulus talk out of China and a rally in European stock markets lifted the U.S. market at the open. There was little reaction to the day’s domestic economic reports, which included the Empire manufacturing index, industrial production data, and a homebuilder confidence index. The week's big economic news, however, is yet to come, as investors look forward to the conclusion of the Federal Reserve's latest rate setting meeting on Wednesday. ECONOMIC EVENTS: In the U.S., the Empire State manufacturing index dipped to 6.9 in March, versus the consensus forecast for a reading of 8.0. Industrial production edged up 0.1% in February, versus expectations for an increase of 0.2%, and capacity utilization fell to 78.9%, versus the 79.5% consensus forecast. The NAHB homebuilder sentiment index dropped to 53 in March from 55 in February, missing expectation for the index to rise to 56. Oil prices continued to tumble, with U.S. crude dropping to a six-year low below $44 per barrel earlier in the session. In Asia, Chinese Premier Li Keqiang said Sunday that his government has room and the tools to take action should growth falter, without detailing specific remedies the government might pursue. COMPANY NEWS: Valeant (VRX), which not long ago lost out to Actavis (ACT) in the race to buy Allergan (AGN), increased its chances of making sure its latest buyout deal gets done by increasing its takeover offer to Salix Pharmaceuticals (SLXP) by about $1B. Rival bidder Endo Health (ENDP) confirmed that it is withdrawing its cash and stock proposal to acquire Salix after Valeant raised its all-cash bid for Salix to $173 per share from $158 per share. Shares of Valeant and Salix both rose about 2%, while Endo shares gained 2.5% following the announcements. MAJOR MOVERS: Among the notable gainers was Life Time Fitness (LTM), which rose 5% after entering into a definitive agreement to be acquired by private equity firms Leonard Green & Partners and TPG in a transaction valued at more than $4B, or $72.10 per share, in cash. Also higher was Edwards Lifesciences (EW), which rose 8% after the company reported data at this weekend's American College of Cardiology conference. Among the noteworthy losers was iDreamSky (DSKY), which dropped more than 25% after the company lowered its guidance because the launch of a popular casual game was delayed on one of the company distribution platforms and the monetization of another popular casual game was less than expected. Also lower were shares of Enzo Biochem (ENZ), which fell 17% after an appeals court reversed-in-part and vacated-in-part the judgment in Enzo’s favor that Life Technologies' (LIFE) Applera Corp. infringed certain Enzo patents. INDEXES: Near midday, the Dow was up 174.81, or 0.98%, to 17,924.12, the Nasdaq was up 39.80, or 0.82%, to 4,911.55, and the S&P 500 was up 20.07, or 0.98%, to 2,073.47.
10:50 EDTTWTRKing Digital seen benefiting from user base larger than Twitter, LinkedIn
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10:07 EDTEWHigh option volume stocks
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09:37 EDTTWTR, FBActive equity options trading on open
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09:26 EDTFBFacebook to update rules on prohibited content, NY Times says
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08:55 EDTFBFacebook purchase of Instagram proving to be a steal, says BofA/Merrill
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08:37 EDTTWTRTwitter verified offering becoming more likely, says Pacific Crest
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07:30 EDTMDT, EWAmerican College of Cardiology to hold an expo
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07:22 EDTMDT, EWMedtronic Edwards Lifesciences data 'impressive,' says Bernstein
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06:11 EDTTWTRTwitter blocks Meerkat access to social network data, Buzzfeed says
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06:11 EDTFBFacebook implied volatility of 25 at lower end of index mean range
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March 15, 2015
15:27 EDTMDTMedtronic unveils data from high risk study of the CoreValve U.S. pivotal trial
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15:23 EDTMDTMedtronic unveils preclinical outcomes of its novel Drug-Filled Stent
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15:20 EDTMDTMedtronic announces outcomes for its next-generation CoreValve Evolut R System
Medtronic announced initial clinical outcomes for its next-generation CoreValve Evolut R System. At 30-days, the new recapturable, self-expanding valve showed no incidents of all-cause mortality or stroke in a high and extreme risk patient population. Data from the Evolut R Study, which enrolled 60 patients from six centers in the United Kingdom, Australia and New Zealand, were unveiled today at the 64th Annual Scientific Session of the American College of Cardiology. The CoreValve Evolut R System is not approved for commercial use in the United States where it is currently undergoing clinical trials. "Initial clinical experience with the Evolut R system is remarkable and ushers in a new era of TAVR technology that provides increased confidence with recapturability, excellent procedural results, and impressive clinical outcomes," said Ian Meredith, M.D., of Monash Heart - Monash Health, Melbourne, Australia, who is one of the investigators of the study. "The 14 French equivalent delivery system allowed transfemoral access for most patients and the recapturable technology enabled implanters to optimize valve placement for improved annular sealing and reduced conduction disturbances without compromise on mortality or stroke."
14:10 EDTEWEdwards Lifesciences announces data on Sapien 3 transcatheter aortic valve
Edwards Lifesciences announced that 30-day outcomes for high- and intermediate-risk patients treated with the Sapien 3 transcatheter aortic valve demonstrated the lowest all-cause mortality rates of any of the PARTNER studies, as well as excellent clinical outcomes on the other components of the primary endpoint measures of stroke and paravalvular regurgitation. This first report of Sapien 3 data in the United States, and first report on intermediate risk transcatheter aortic valve replacement, TAVR, patients, was presented as part of the late-breaking clinical trials at the American College of Cardiology's 64th Annual Scientific Session in San Diego.
14:04 EDTEWEdwards Lifesciences announces clinical data for high-risk Sapien patients
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